JOURNAL OF ACCOUNTING AND ECONOMICS, VOL 66, NOVEMBER-DECEMBER 2018

通过对价为收购融资

作者：Thomas W. Bates (Arizona State University)

Jordan B. Neyland（George Mason University）

Yolanda Yulong Wang（University of Melbourne）

摘要：本文发现收购合同中的对价协议为收购方提供了大量融资来源。使用对价支付的收购者更有可能受到财务限制，面临更严格的信贷市场条件，并使用更少的债务和股权来为收购提供资金。财务上受限制的收购者也会为或有债权记入较低的公允价值。在涉及流动性卖家的交易中更有可能使用对价交易，并且获得更高的交易估值倍数。总体而言，有证据表明，对于外部资本有限的收购者而言，支付对价是一种经济上重要且越来越常见的收购融资来源。

关键词：对价; 财务限制; 或有负债; 并购; 企业融资

Financing Acquisitions with Earnouts

Thomas W. Bates (Arizona State University)；Jordan B. Neyland（George Mason University）；Yolanda Yulong Wang（University of Melbourne）

ABSTRACT

We present evidence that earnout agreements in acquisition contracts provide a substantial source of financing for acquirers. Acquirers in transactions with earnouts are significantly more likely to be financially constrained, face tighter credit market conditions, and use less debt and equity to fund acquisitions. Financially constrained acquirers also book lower fair values for the contingent claim. Earnout use is more likely in transactions that involve liquid sellers, and earnout bids garner higher transaction valuation multiples. Overall, the evidence suggests that earnouts are an economically material and increasingly common source of acquisition financing for acquirers with limited access to external capital.

Keywords: Earnouts；Financial Constraints；Contingent Liabilities；Mergers and Acquisitions；Corporate Finance

原文链接：

https://www.sciencedirect.com/science/article/pii/S0165410118300429

翻译：王秭越